Contingencies in a Purchase Offer
In most purchase transactions there may
be a slight challenge or two, but most things will go quite smoothly. However,
you want to anticipate potential problems so that if something does go wrong,
you can cancel the contract without penalty. These are called
"contingencies" and you must be sure to include them when you offer
to buy a home. Pinehurst Homes for sale at
For example, some
"move-up" buyers often agree to purchase a home before selling their
previous home. Even if the home is already sold, it is probably a "pending
sale" and has not closed. Therefore, you should make closing your own sale
a condition of your offer. If you do not include this as a contingency, you may
find yourself making two mortgage payments instead of one.
There are other common
contingencies you should include in your offer. Since you probably need a
mortgage to buy the home, a condition of your offer should be that you
successfully obtain suitable financing. Another condition should be that the
property appraises for at least what you agreed to pay for it. During the
escrow period you are likely to require certain inspections, and another
contingency should be that it pass those inspections.
New houses in Pinehurst Golf course communities.
protect you in case you cannot perform or choose not to perform on a promise to
buy a home. If you cancel a contract without having built-in conditions and
contingencies, you could find yourself forfeiting your earnest money deposit.
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